Yes, yes - We have heard it all before.
Earn 6 figures doing lashes, but what does that really consistent of? Lash Extensions are a service that takes up time. So you are trading time for money and that time is capped. This might make you think it's not possible to hit your target earnings. WRONG.
Let's be honest - most lash artists begin lashing without much business experience and we all learn along the way. Social Media has made it easier to find new ideas and ways to increase income by seeing what other eyelash extension businesses are doing, what services they are offering and products they have made available to their target market.
This might sound controversial however, I believe, it's easier to start a lash business today whilst minimising the mistakes veteran lash artists made as new lash artists have more exposure to business growth materials, marketing opportunities, graphic design and finding clients. This is irrespective of the industry being dubbed as 'over saturated'.
Below, we will go through the things you need to consider when aiming for that 6 figure mark within your lash business.
1. Always plan and work out who your target demographic is for your content and business branding.
For example, if you are located in an affluent area and providing services to middle aged, mature or professional clients, they may not want the mega volume, long, thick extensions nor find particular branding appealing. Do what works for you, however these things need to be considered as it will determine if these local clients will book in with you, or another local lash artist.
2. Set your service pricing to accomodate your income targets.
There is no point in charging $50 for a set of lashes and aim for $100,000 income. It will take you double the time to make the same amount you would if you charged $100. Also, you'd be using more product to service more people. Please note that this is assuming your lashing skills are on point and you are in a position to charge what you like for your services due to the demand for them.
Be sure to take your outlay and costs into consideration when pricing. This is crucial. You need to do this with your lash products as well to get a rough cost per client on the products being used - Lash Trays, Adhesives etc.
3. Rent, Overhead Costs and Budgeting
Location costs will vary so the more expensive your rent, electricity and all other bills due to the location and size of the property, will determine whether you earn 6 figures after tax. These costs will of course be tax deductible however, the more exuberant, the less in your pocket.
When spending money on your business, its important to budget. Expenses can get out of hand as the little amount always accrue and can end up costing you more than imagined over the year. Having a budget should be used to determine the costs for the location, bills and outgoings as well prior to committing to a lease. Always ask for the outgoings of the premises before signing anything.
Below is a list of potential expenses you need to consider
- Property lease ( if in a commercial salon)
- Studio design – interiors, constructing a toilet, glass doors and lash station
- Licensing and council fees
- Supplies – eyelash kits, lash extensions, eyelash sitting unit, etc.
- Computer system and software ( Accounting programs, pos)
- Any other expenses
4. Location of your Salon
Is the location you have found ideal for a lash business? Is it easily accessible? Store front visible? Having the right location will assist in marketing and attracting clients who may not see you on social media, but find you in real life as they pass by. This can be seen as an important factor to earning big as your clients will be more inclined to come to a super inviting location - even if you are working at home. Ensure the ambience of your space is warm, luxe and comforting for the client so they will want to return for your services and the experience.
- Parking is super important as well. If there is no parking or parking limits leaving clients to get fines or walk a fair distance from their car to your salon, this could deter them from returning.
- Toilet – As your clients will be in your salon space for a while, ensure that the bathroom is nice, easily accessible and clean.
- Environment – Having a serene lash space can be super inviting in comparison with places that are located in super loud or chaotic environments. Clients want to relax and enjoy 'me time'.
5. Eyelash Extension Supplies
Buy great products from a reputable lash product supplier. These will save you trouble and hassle from complaints or products that aren't up to par which could potentially lead your clients to go elsewhere. Don't buy the cheapest you can find. Ensure you research what products work best so you have no trouble completing sets of lashes or have any trouble with quality control.
- Lash Trays ( make sure the lashes hold their curl)
- Lash Adhesive ( ensure it works well in your space and location geographically due to the need to work with humidity and temperature levels)
- Lash Removers - ( no GBL ingredient within remover is allowed within Australia)
- Lash Cleansers.
6. Niche down on your services and specialise
You do not have to offer every eyelash extensions or beauty service known to man. Offer what you specialise in so people will come to you specifically for that extra care and attention to detail on those specific services. You'll be able to charge more due to your specialisation.
7. Sell Aftercare Products
Increase income without trading your time with aftercare and other products you can sell to clients. You can sell lash cleansers, lash brushes, aftercare kits, Lash Serums and more.
8. Online digital downloads and e-commerce stores
Again, you are not trading money for time to earnings can be uncapped when marketed correctly.
Online income possibilities:
- How to look after your lashes Ebooks
- Mapping Styles of Lash Sets
- Marketing tips
- Online Lash Training
- Branded Lash products
- Online Seminars
For more information on growing your lash business, please get in touch with us.